A1 Trading Company

June 7, 2021

Crypto Forecast 6/7/2021

Frank Cabibi

Recent News:

Most major crypto pairs remain collectively stagnant over the weekend and going into the new week. News on the infamous hacker, Anonymous, made a video calling out Elon Musk that accused him of manipulating the cryptocurrency market. It is not certain that it was the real Anonymous, but it is still not good news for crypto. On top of this, the US has reported over $50 billion lost in crypto frauds in the past several months. However, this recent bearish news hasn't seemed to affect the price of major altcoins too much, and potential setups look to be forming on various coins.

ADA/USD

ADAUSD 4H

Cardano is coming off its 200 SMA and pushing to the downside with most altcoins today. Big swings above and below its moving average have started dying down, and now price hovers around the indicator. This could be a sign of further consolidation with less volume and diminishing volatility in the market. Should price dip, support is around 1.635302. Resistance is at 1.828686.

MKR/USD

MKRUSD 4H

On this 4H timeframe, a downward trend line looks to be forming as price retraces every time it hits that level of resistance. Price found a bottom around $3422.88 which is now serving as a zone of support. The accumulation/distribution indicator shows a jump from 64K to 91K in the past two weeks of consolidation for the most part, suggesting that an increase of accumulation could mean potential upside will come soon.

BTCUSD 4H

Bitcoin on the 4H timeframe broke under and closed under a wedge before recovering from its dip. Price found support on the smaller rising trend line. If bitcoin slips under support, it might find mild support at a recent bottom around the $33,300s. However, this level could also be a buying opportunity as it is now lying on support.


A1 Edgefinder

Watchlist
Save time looking for setups with the EdgeFinder's watchlist! In a glance, see the EdgeFinder's current top buys and top sells.

Discount code: 'READER'

Access Now

Free

Trading Plan Template
Struggling to build a successful trading plan? Download our template to get started today!
Download
Trading AUD and CAD Post-Rate Hike

Two surprises occurred this week from both central banks of Australia and Canada. Economists forecasted an unchanged discount rate, but the banks had other plans in mind. This caused a heavy positive move for AUD and CAD after reaction to the news. Here is what we are looking for in these types of pairs going […]

Read More
Smart Money to Spike Gold

Over the past week, several news events paved the way of sentiment on monetary policy. Through the forest of mixed uncertainty, we can find the clearing of one asset that looks ready to take off. Gold has come back to a critical level, and it is up to smart money what happens next. EdgeFinder Analysis […]

Read More
Trading Gold & USD Before NFP

Gold is up nearly half a percent today while USD down a third of one as of 10:18 am EST. As we wait for the upcoming and looming NFP numbers this Friday, we can assess the economic data we already have. EdgeFinder Analysis The stock market sighed in relief after the debt ceiling bill finally […]

Read More
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
Home
Edgefinder
VIP
Menu
homesmartphonelaptop-phonemenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram